Express Inc. (NYSE:EXPR) Q1 2020 Earnings Conference Call - Final Transcript

Jun 03, 2020 • 09:00 am ET


Express Inc. (NYSE:EXPR) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Express, Inc. First Quarter 2020 Earnings Conference Call.

[Operator Instructions]

After the speakers' presentation, there will be a question-and-answer session.

[Operator Instructions]

I would now like to hand the conference over to your speaker today, Dan Aldridge, please go ahead.

Dan Aldridge

Thanks, Marcella. Good morning and welcome to our call. I'd like to open by reminding you of the company's safe harbor provisions. Any statements made during this conference call, except those containing historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested in forward-looking statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC, including today's press release. Express assumes no obligation to update any forward-looking statements or information, except as required by law.

Our comments today will supplement the detailed information provided in both the press release and the investor presentation available on the company's Investor Relations website. In addition, you can locate a reconciliation of any adjusted results discussed in our comments to amounts reported under GAAP on our website or in our earnings release.

With me today are Tim Baxter, Chief Executive Officer; Perry Pericleous, Chief Financial Officer; and Matt Moellering, President and Chief Operating Officer.

I will now turn the call over to Tim.

Tim Baxter

Thank you, Dan, and good morning, everyone.

I'd like to begin with a word about the extraordinary times in which we find ourselves, since the onset of the COVID-19 pandemic and now also the recent and furious demonstrations and protests taking place across our country. Our families, companies and communities are all affected. 2020 is certainly proving to be a challenging year and I am hopeful that we will all come through this time with new perspective, new understanding and new ways of operating in the future. In a couple of weeks, I will come to the end of my first year as CEO of Express. I could not possibly have imagined a state of retail much less the state the world like this. Speaking specifically to the impacts of COVID-19, I don't believe the word unprecedented has been used as much over the last decade as it has been over these last 10 weeks. Even as our country and its many industries continue to reopen, this time it's still characterized by uncertainty. The future of our economy, of retail businesses and of consumer confidence has not yet been returned.

With that said, I speak to you today with as much optimism and as much realism as ever. The optimist in me knows that consumer demand will return and the realist knows that it will take some time and it will be different. Let me tell you about our first quarter, specifically the decisions we made and the decisive actions we took to protect our company, to preserve the foundational